Investing.com | May 03, 2023 22:16
Etsy Inc (NASDAQ:ETSY) shares gained more than 4% after-hours following the company’s reported Q1 results, with EPS of $0.53 coming in better than the consensus estimate of $0.50. Revenue grew 10.6% year-over-year to $640.9 million, beating the consensus estimate of $622.05M.
Consolidated GMS (NYSE:GMS) was down 4.6% year-over-year (down 2.6% on a currency-neutral basis) to $3.1 billion, impacted by consumer wallet share shifts from goods to services, year-over-year declines in some of the larger categories such as home and living and craft supplies, and pressure on consumer discretionary spending particularly for lower household income buyers.
Etsy marketplace GMS fell 4.7% year-over-year (down 2.6% on a currency-neutral basis) to $2.7B. Active buyers grew by 1% year-over-year to 89.9M, marking the first year-over-year growth since Q4/21.
The company expects Q2/23 revenue in the range of $590-$640M, compared to the consensus of $623.7M. GMS is expected in the range of $2.85-$3.10B.
By Davit Kirakosyan
Get The App
Join the millions of people who stay on top of global financial markets with Investing.com.
Download Now
Written By: Investing.com
